Page 13 - Karen's Buyers Guide

Ways To Hold a 􏰀􏰁􏰂􏰃􏰄
􏰅􏰆􏰇􏰈􏰉􏰊
􏰋􏰌􏰍􏰌􏰊􏰌􏰎􏰏
􏰐􏰇􏰉􏰆􏰈􏰎􏰏
􏰅􏰎􏰊􏰊􏰉􏰊􏰊􏰌􏰎􏰏 􏰆􏰏􏰀 􏰐􏰎􏰏􏰕􏰇􏰎􏰔
􏰑􏰇􏰆􏰏􏰊􏰒􏰉􏰇􏰆􏰓􏰌􏰔􏰌􏰕􏰖
􏰗􏰌􏰉􏰏􏰊 􏰙􏰚􏰆􏰌􏰏􏰊􏰕 􏰛􏰏􏰉 􏰛􏰜􏰏􏰉􏰇
􏰋􏰉􏰆􏰕􏰞 􏰎􏰒 􏰐􏰎􏰟􏰛􏰜􏰏􏰉􏰇
􏰙􏰀􏰍􏰆􏰏􏰕􏰆􏰚􏰉􏰊􏰝 􏰋􏰌􏰊􏰆􏰀􏰍􏰆􏰏􏰕􏰆􏰚􏰉􏰊
Tenancy in Common
Two or More Persons
Ownership can be divided into any number of interests, equal, or unequal
One or more conveyances (law presumes interests are equal if 􏰠􏰡􏰂 􏰡􏰂􏰢􏰄􏰣􏰤􏰁􏰥􏰄 􏰥􏰦􏰄􏰧􏰁􏰨􏰄􏰩􏰪
Equal
Each co-owner may transfer or mortgage their interest seperately
Unless married or domestic part- ners, co-owner’s interest non sub- ject to liens of other debtor/owner but forced sale can occur
Decedent’s interest passes to his/ her devisees or heirs by will or intestacy
Co-owner’s ineterests may be separtely transferrable
Joint Tenancy
Two or more natural persons
Ownership interests must be equal
Single conveyances (creating 􏰁􏰩􏰄􏰠􏰂􏰁􏰧􏰬􏰃 􏰁􏰠􏰂􏰄􏰣􏰄􏰥􏰂􏰥􏰪􏰅 􏰯􏰄􏰥􏰂􏰁􏰠􏰱 􏰭􏰷􏰥􏰂 specify joint tenancy
Equal
Each co-owner may transfer his/ her interest seperately but joint tenancy is severed and tenancyin common results.
Co-owner’s interest not subject to liens of other debtor/owner but forced sale can occur if prior to co-owner’s/debtor’s death
Decedent’s interest automatically passes to surviving joint tenant 􏰲􏰳􏰴􏰁􏰱􏰢􏰂 􏰡􏰵 􏰶􏰷􏰯􏰁􏰯􏰡􏰣􏰥􏰢􏰁􏰦􏰸􏰪
Right of Survivorship (avoids pro- 􏰫􏰬􏰂􏰄􏰪􏰅 􏰭􏰬􏰮 􏰢􏰬􏰯􏰄 􏰂􏰬􏰰 􏰩􏰁􏰥􏰬􏰩􏰯􏰬􏰠􏰂􏰬􏰱􏰄􏰥 for spouses